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The 27-year-old has scored 25 goals for Atletico this season to propel them to third in La Liga, just three points adrift of rivals Real Madrid, but has a release clause of just over £50million in his contract.

Meanwhile, a proposed return for the 'Special One' has been mooted for some time, with Mourinho having repeatedly revealed his desire to return to the Premier League.

A return to Chelsea has been odds-on for over a month but further backing on Wednesday night, when Real Madrid's UEFA Champions League hopes were significantly dented with a 4-1 defeat to Borussia Dortmund, saw the price for a second stint at the Bridge cut to 2/7.

Sky Bet's Chris Spicer said: "It is difficult to decipher whether the backing is really from those in the know or just people buying into the reports, but the amount of stakes we have seen has certainly warranted a significant shift in odds.

"Manchester United were previously backed in to favourites to sign Falcao following speculation in the Spanish media that a deal had been agreed, so it certainly would not be unprecedented for foreign media speculation followed by subsequent backing to prove misleading."